The present disclosure relates to a PTAT voltage reference circuit and a temperature independent voltage reference circuit in which the effect of transistor base currents on the circuit output is compensated for. This is achieved by a pair of compensation resistors. The base current from one of the pair of transistors is used to increase the voltage drop across one of the compensation resistors. The base current from the other of the pair of transistors is used to decrease the voltage drop across another of the compensation resistors, by an equal amount. The compensation resistors are connected in series with the resistor which reflects the difference in base-emitter voltage (ΔVBE). The circuit output is measured across the series connected resistors. As such, the base currents are compensated for at the output.